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Lotfi Karoui, multi-asset credit strategist at fixed-income behemoth PIMCO, says the top risk to markets and the economy is the potential unwinding of the AI capex cycle, on the latest episode of Credit Exchange with Lisa Lee. “Then you’re going to tighten financial conditions,” says Karoui, which is bad news for equities. That will have wealth effects and probably affect the broader economy. The market isn’t blindly rewarding all capex financing announcements, he says.

As almost everyone knows by now, Serta executed in July 2020 a liability management transaction with some of its first lien lenders. They received in exchange for their loans andamendments to the credit agreement super priority first lien loans and left non-participating lenders with a subordinated lien on the Collateral. Borrower purported to effect theexchange by making open market purchases from the exchanging lenders and paying them with the super priority debt.

“We certainly have noted from an oil price or fuel price perspective, just how comfortable businesses have gotten with oil price or gas price pass-throughs,” says Aaron Kless, CEO and CIO of direct lending specialist Andalusian Credit Partners, on the latest edition of Credit Exchange with Lisa Lee. “They’ve really been able to manage that price volatility, and price spikes, quite well.” Andalusian has a unique perspective on the macro-economic backdrop. Its executive chairman is Roger W.

ABI Newsletter Serta Simmons Bedding(SSB) was one of the first to litigate in federal court the propriety of an uptier transaction, which has made its Chapter 11 case better known for the rulings that the litigation produced than the fact that the mattress purveyor emerged from Chapter 11 with a USD 1.6bn overall debt load reduction.

In this episode of the Debtwired! podcast, North America Co-Managing Editor Madalina Iacob speaks with Zul Jamal and Barak Klein, co-heads of U.S. Capital Structure Advisory at Moelis, about how restructuring has evolved over their 25-plus years in investment banking.

Fortna Group has been working with Evercore as it faces pressure to shore up liquidity at a time when its debt is trading at deeply distressed levels, according to two sources familiar with the matter. The Thomas H. Lee Partners-backed developer of warehouse automation solutions has turned to historical counsel Paul Weiss for legal advice, said the sources and a third source familiar with the matter.

“Last frontiers of alpha is in the sports and entertainment-related real estate,” says Jonathan Fascitelli, founder and CEO of sport and entertainment real estate firm Seregh, on a special edition of Credit Exchange with Lisa Lee, recorded at the FII Institute’s conference in Rome. Just 18 months since founding, Seregh already has more than $35 billion in their pipeline.

As we mentioned in our previous report, Aegea decided to lever up its Corsan subsidiary to upstream dividends. Corsan’s net leverage stood at 1.6x, higher than the 1.4x we previously calculated, as that didn’t take into account the lower LTM EBITDA from the positive one-off effect of the PIS-CONFINS tax rebate the Rio Grande do Sul concession operator received during 1Q25 (Figure 1). During 2024, Corsan paid BRL 463m in dividends and BRL 271m in interest.

“We’re clearly in late cycle, but we’re not obviously at the turning point,” says Ariadna Stefanescu, co-head of Permira Credit, in the latest edition of Credit Exchange with Lisa Lee. Permira is a global investment firm with buyout and credit businesses holding nearly €90 billion in committed capital. The current environment provides an opportunity for different managers to differentiate themselves, says Stefanescu.

The Raymond Sackler family, on 2 July, requested that Judge Sean Lane of the US Bankruptcy Court for the Southern District of New York order Joseph Anthony Reyna, a pro se claimant, to withdraw the complaint he filed against Richard and David Sackler and related entities.